INO1 Principles of Economics Exam Version 2
Practice exam for Western Governors University WGU Exams under Western Governors University Exams (College Exams). 5 sample questions.
Sample Questions
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Question 1
Which is a macroeconomic topic?
Correct Answer: D
Rationale: The annual growth rate of an economy is a macroeconomic topic because it pertains to the economy as a whole, unlike the other options which focus on specific sectors or individual behaviors.
Rationale: The annual growth rate of an economy is a macroeconomic topic because it pertains to the economy as a whole, unlike the other options which focus on specific sectors or individual behaviors.
Question 2
Which characteristic is associated with a traditional economy?
Correct Answer: A
Rationale: A traditional economy relies on customs and bartering for trade, rather than a monetary system, which distinguishes it from market or command economies.
Rationale: A traditional economy relies on customs and bartering for trade, rather than a monetary system, which distinguishes it from market or command economies.
Question 3
How is the study of microeconomics different from that of macroeconomics?
Correct Answer: A
Rationale: Microeconomics examines individual units like households and firms, while macroeconomics looks at aggregate economic variables like national income and output.
Rationale: Microeconomics examines individual units like households and firms, while macroeconomics looks at aggregate economic variables like national income and output.
Question 4
Which question would be studied by a macroeconomist?
Correct Answer: D
Rationale: A macroeconomist studies economy-wide phenomena, such as the impact of a constitutional amendment on the federal budget, which affects the entire economy.
Rationale: A macroeconomist studies economy-wide phenomena, such as the impact of a constitutional amendment on the federal budget, which affects the entire economy.
Question 5
Which term describes the acquisition of skills resulting from education or experience?
Correct Answer: D
Rationale: Human capital refers to the skills and knowledge gained through education and experience, which enhance an individual's productivity.
Rationale: Human capital refers to the skills and knowledge gained through education and experience, which enhance an individual's productivity.